Are you unhappy with your bank and looking to switch to someone new? It’s easy to make the decision to leave, but choosing a new bank isn’t as easy. There are tons of different banks out there and they all offer a variety of different products and services. Comparing all of them at once is a massive undertaking and can be incredibly overwhelming. So how do you choose the right bank for you? Here are 6 things to look out for when wanting to make the switch.
1. Find A Bank For Your Lifestyle
When looking for a new bank, you need to look for one that meets your needs. You should take into consideration things such as your spending habits as well as what sort of accounts they offer their clients, as well as other perks and bonuses. Do they have an app to help you budget and track your spending? For example, if you are banking in California and self-employed, look for a bank that can help you build your business by offering you the support you need to grow and prosper. Another great feature to look out for is the number of accounts you can hold with them and link to yours. The ability to have multiple accounts, or funds to save money into for different things, i.e. an emergency fund and a holiday fund, can really set one bank apart from another.
2. Mobile Banking
We’ve just started to mention the importance of digital features, but it deserves an entire point of its own. Banks tend to offer the basic services via the web or an app, but require you to come in if you require anything more than doing a transfer of funds and checking balances. In fact, there are many banks that do not offer advanced digital capabilities, which just doesn’t cut it in the digital age. If you are done with long queues and having to visit the ATM just to get something done, look for a bank with an impeccable mobile banking app. Look for features where you can use just your phone to log in, can block a card that has been stolen and you are able to get alerts for money coming in or going out immediately. This and more will make it easier for you to manage your banking.
3. Brick-and-Mortar Banking
If online banking is not accessible to you, physical banking is still a good option. Physical banks have the convenience of being somewhere you can go in for help if you need it and receive more immediate help with certain issues. Most people do still have an account that they opened at a physical bank branch, so when it comes to choosing virtual or physical it really is up to you and your preferences. If you like the idea of both, find a bank that has a physical presence that also offers a strong online presence so that you can get the best of both worlds. This way you can sort out certain things outside of banking hours and if you run into any snags, you can simply run into your nearest branch to sort it out.
4. Look For Low Or No Fees
Contrary to popular belief, not every bank needs to charge high fees. In fact, these fees are actually quite avoidable. Many newer banks charge their clients low to no fees at all. If you are comfortable doing all of your banking online, virtual banks are an excellent option for you to consider and are well known for their low fees. They don’t have physical branches, so they have fewer operating costs you need to pay. If you are not comfortable doing this, a brick-and-mortar option is still a good option. Just be on the lookout for a good bank that doesn’t overcharge you.
5. Read Reviews
If you’ve narrowed your search down to a few banks, it’s time to start reading reviews. Third-party reviews can give you a pretty good idea about the products and services you can expect from a certain institution. Reviews are a great way for you to see what sort of experiences clients have had and if it’s worth it to open an account with them.
6. Credit Unions
With all of the banks out there, credit unions often fall through the cracks. They are definitely something worth considering. In the past, it was a lot harder to join a credit union, but that is no longer the case. There are quite a few available and with lower fees, higher savings rates, and borrowing rates, it could be the right option for you.
Changing banks can be quite stressful, but if you keep an eye out for the options that suit you and your needs best things are a lot easier. Keep an eye out for banks that have lots of perks as well as a good track record of customer satisfaction.